Home » SRA releases insurer’s figures following the end of the 2012 Solicitors PII Renewal process

May 9, 2016

SRA releases insurer’s figures following the end of the 2012 Solicitors PII Renewal process

Despite various rumours that the Solicitors PII market was going to harden this year, the SRA has recently announced that total premium has in fact fallen by £16.4M this year. This was from £254.7M in 2011 to £239.3M this year.

For the second year in a row, XL insurance company remained the most active player in the Solicitors PII market. The SRA announced that they wrote £39.4M of premiums, securing 16.4% of the overall market share. However, this was in contrast to last year where they wrote £46.7M in premium, acquiring 18.2% of the market

The unrated insurers were very active this year, writing £29.6M of the total Premium and thus securing a 12.3% share of the market. Of the four ‘Unrated’ insurers’, new entrant, Balva wrote £16.4m in Gross Written premium this year. This has given them 6.8% in market share, putting them slightly ahead of rated insurers; Barbican Syndicate 1955 (6.8% market share) & Aviva Insurance (3% market share). Both Traveler’s and QBE witnessed a 1% reduction in market share this year; each respectively securing a 10.9% share in the market. More notably Inter Hannover were far less active than they were in 2011. This year they obtained an 8.6% share of the market. This was in stark contrast to the 12.5% they acquired in 2011.

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